Three championships will be contested in the historical event.

Is Conor McGregor set to become the first MMA fighter to hold two UFC titles simultaneously?Reuters

The Ultimate Fighting Championship (UFC) has seen a lot of historic events this year -- from UFC 200 to two superfights between Nate Diaz and Conor McGregor. The year 2016 is already turning out to be a milestone year for the mixed martial arts (MMA) promotion and it is Dana White who is having the greatest laugh at the end of the day. LIVE UPDATES HERE | WHERE TO WATCH THE EVENT.

Possibly the biggest UFC event of the year has still not seen the light of the day, but it will, in the coming hours. UFC 205, scheduled to take place this Saturday, is a historic one as MMA finally got legalised in the New York City some months back and we are ready for action.

One of the best superstars in the whole UFC roster, Conor McGregor, is set for action yet again. This time, the Irishman, who already has the featherweight title, is competing for the UFC lightweight title. His opponent, current champion Eddie Alvarez.

The occasion is bright for McGregor to become the first ever MMA fighter to hold two UFC titles simultaneously.

Other than the headline fight, two more titles -- the UFC welterweight title and the UFC women's strawweight title -- will be on the line. In the co-main event, current welterweight champion Tyron Woodley takes on decorated kickboxer Stephen Thompson, while women's champion Joanna Jędrzejczyk takes on Karolina Kowalkiewicz in a Poland vs Poland encounter.